Ethereum is slowly edging towards the end of one of its worst-performing months. This is also its poorest of the year as the altcoin is heading for a close with losses of more than 10%.
The close is a result of several bearish moments it experienced. It is safe to say that August was mostly negative for the asset the daily chart is riddled with a lot of red candles. However, they exposed the low volatility it faced during the period under consideration.
Nonetheless, there are also moments of significant changes in value. One such happened on the seventeenth day of the month.
The price started at $1,805 and no important increase was seen in the price as the asset saw one of its highest increases in the volume of sales.
The Altcoins dropped by several key levels because of the surge in selling volume it experienced. One of which is the barrier created by the $1,750. It’s important to note that over the past three months, it was able to hold out against plenty of attacks but this time, it broke easily.
Another gripping obstacle that was broken is that of the $1,650. Just like the previous one, it was like a walk in the park. Soon after, it dropped as low as $1,542 before coming back up. It reclaimed its lost level by shooting up to $1,683. In addition, the asset lost almost 7% of its price.
Ethereum is Still Dipping
Following its small recovery two days ago, ETH seems to be losing all of those gains during the current intraday session. It kicked off trading at $1,705 and retested the $1,650 support. It broke it as it dropped to a low of $1,629.
Currently exchanging above the low, the asset is heading for a close with losses of more than 3%. If that happens, the largest altcoin may close August with losses of more than 11%.
Additionally, indicators are also negative at this time. One such is the Moving Average Convergence Divergence. A closer look at this metric shows that the 12-day EMA is arched downward and starting the process of bearish convergence.
The most troubling is the Moving Average. The fact that it is a long-term indicator points to its massive impact on price. At this time, the 50-day MA intercepted touched the 200-day MA in what many describe as a death cross.
This could be the last warning before the massive decline in value.
On the other hand, Thorchain may close August its best-performing month.
